Mexico’s central bank, Banco de México, is reportedly leveraging the country’s new fintech law to propose further regulations that would, in all but definition, ban cryptocurrency exchanges.
According to a report from Washington, D.C.-based non-profit research and advocacy center Coin Center, the proposed laws in Mexico would hamstring cryptocurrency exchanges ability to access the local banking system. In doing so, cryptocurrency exchanges would be effectively banned, even though the law would not explicitly forbid their operation.
The proposed regulation reportedly comes straight from Mexico’s central bank, which surely has little interest in seeing cryptocurrencies and digital assets flourish in the country, and flies straight in the face of what the original fintech legislation aimed to achieve — namely, the facilitation of effective cryptocurrency exchange regulation. Preventing exchanges from accessing legacy financial institutions does not facilitate, however, but effectively kills.
As stated by Coin…